New owner of local assets looks long-term

Stormont Finance Minister Simon Hamilton.
Stormont Finance Minister Simon Hamilton.

Finance Minister Simon Hamilton says the New York private investment firm Cerberus Capital Management, L.P., which recently acquired the Irish National Asset Management Agency’s (NAMA) Northern Ireland portfolio - including several assets in Londonderry - takes a long-term approach to investments.

DUP MLA Gregory Campbell asked the Minister if any development opportunities had been identified since the acquisition.

Mr Hamilton replied: “I believe the sale of NAMA’s Northern Ireland portfolio to an investor such as Cerberus Capital Management that takes a long term approach, has the experience globally of improving the assets it acquires and has the ability to invest in those assets will lead to many positive development opportunities in the future.”

Several Londonderry properties - on the Strand Road, Woodside Road and Culmore Road - were recently listed by NAMA as subject to enforcement action.